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Intrawest acquired for $1.5 billion by Aspen Skiing and private equity firm KSL Capital Partners

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Ski resorts operator Aspen Skiing and private equity firm KSL Capital Partners will buy Intrawest Resorts Holdings for about $1.5 billion, including debt, Intrawest said on Monday.
Aspen Skiing and KSL Capital’s offer of $23.75 per share in cash, represents a discount of 6.1 percent to Intrawest’s Friday close. Intrawest’s shares were down 8 percent at $23.27 in premarket trading on Monday.
Up to Friday’s close, Intrawest’s shares had risen 49 percent since Jan. 12, the day before Reuters reported that it was working with investment banks on a possible sale. Intrawest — best known for ski properties include Stratton Mountain in Vermont, Mont Tremblant in Quebec and Steamboat in Colorado — had total long-term debt of $536.8 million as of Dec. 31, according to the latest quarterly filing. It also owns mountain resorts, adventure retreats and real estate across the United States and Canada.
Aspen Skiing owns and operates four mountains in a winter resort complex in Colorado.
Under the terms, Intrawest will be bought by a newly-formed entity controlled by affiliates of Aspen Skiing and KSL Capital.
Deutsche Bank Securities, Moelis and Houlihan Lokey were Intrawest’s financial advisers for the deal, while Goldman Sachs advised Aspen Skiing and KSL.
The deal is expected to close by the end of the third quarter of 2017.
For more: http://www.cnbc.com/2017/04/10/aspen-skiing-ksl-capital-to-buy-intrawest.html
Amy Hinote is the founder and editor of VRM Intel which provides news and education for the rapidly expanding professionally managed vacation rental industry. With a background in finance and marketing and over 10 years in the vacation rental industry, Hinote has worked with property management companies, suppliers, and intermediaries and provides insider information about the growing vacation rental industry. Hinote resides just north of Chicago in Evanston, IL.
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